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Casino Beacon > Online Casinos > New Casino Bonuses > Bonus Archive 27 March 2008 PacificNet To Oppose Involuntary Bankruptcy Petition PacificNet, a provider of gaming technology in China, has announced that three holders of PacificNet's Convertible Subordinated Debentures filed an involuntary petition for Chapter 11 relief in federal bankruptcy court late Saturday, March 22nd in Wilmington, DE. The Company has retained counsel to oppose the filing because the petition fails to meet the standard for invoking an involuntary bankruptcy and fails to take into consideration other binding agreements between the Company and the petitioning creditors that control the relationships between them. The Company intends to vigorously oppose the petition and move for dismissal of the filing, and if successful will seek damages and attorneys fees. "PacificNet intends to take all appropriate actions and remedies regarding the involuntary petition," said CEO Tony Tong. "We are working very hard with the advice of counsel to resolve this issue as soon as possible. We regret the action taken by these bondholders, however, we must be sure that any settlement reached is fair to all parties involved, including our shareholders. In the meantime, we will continue to operate as usual with no changes to our day-to-day operations." |
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